Wednesday, February 15, 2012

Local developer buys vacant lots in Ravenswood, plans luxury condos

Lincoln Square and Ravenswood residents have been asking me for years about these large vacant lots along the 4800 block of North Damen Avenue.

Bob and I were recently told by local developer that he's purchased the long vacant 6 city lots on the 4800 block of North Damen Avenue in the Ravenswood neighborhood (greater Lincoln Square Community Area). Candea Development is planning to build quality, luxury condo units.

Vacant lots on Damen, looking southeast.

Looking northeast

The lots have long been an eyesore since another eyesore -a beat up commercial strip mall- had been torn down over 4 years ago. The original developer way back planned a 14 unit condo building from what I heard.

The new owner and developer of the lots sent along this photo below of the type of buildings he plans to construct on the lots...I believe there would be three buildings.

This is an existing project by Candea development...similar buildings could find a home on Damen.

This Damen location in Ravenswood is a great candidate for continued condo and apartment density now that we see the real estate market settling a bit. Already an established community with great amenities...the Damen Brown Line is a couple blocks away, Ravenswood Metra stop a few blocks, a brand new Mariano's Fresh Market in development a couple blocks east, close to the Lincoln Square retail/ restaurant strip, Winnemac Park and new, high-end Lycee Francais school in development a few blocks south.

Below are some examples of existing condo developments along the block...some re-sales less pummeled by the market than others.

The CTA Brown Line is in site along with several convenient amenities like an Budacki's (for Italian Beef!) Crystal Cleaners, Bagel on Damen, Thai restaurants, coffee shops, brunch joints, CVS (yes CVS!), grocery, tailors, hair salons, phone and electronics stores, a Sears store etc.. And, this stretch of Damen Avenue maintains a more residential feel rather than commercial.

The CTA Brown Line is close, but not TOO close.

Candea development has offered to address the project at one of our local neighbor group meetings in Ravenswood (check out www.winnemac.org and sign up for updates). It's an interesting development as there have been NO new construction condos built for almost three years in Lincoln Square.

The lots have been vacant for many years without anyone seeing the development risk as viable. I would have liked to see a nice larger, higher density apartment building (more people spending money in the neighborhood), but I'm sure many would be unhappy with that too if the shade hit their house.

Nice, new apartments would do very well there.

That said, one of the newer built 3 bedroom condo units with two garage spots next door at 4815 N Damen is under contract (I think the asking was $485K). These units would be somewhat comparable, but the new development would have lager, more upscale units from what I'm told.

Video! Live downtown for $239,900!

Sold! Lincoln Square Bungalow $512,500

Real Estate Broker and Blogger

I am a Chicago real estate broker who began writing this blog in 2005. My group represents clients buying, selling and renting properties. I've been awarded Top 5% in sales volume for Chicago Association of Realtors every year from 2006-2017. Thanks for reading and working with us!
All posts and photos are by Eric Rojas and Bob DePalma unless otherwise noted. Contact us at erojas@kalerealty.com for great service!